Cryptocurrency

Oil Company to Host and Operate 1 Million Mining Devices in Canada

Black Rock Petroleum company announced that it is ready to host and operate 1 million Bitcoin mining devices in its gas reserves as part of its new memorandum of understanding. The oil company has signed a binding agreement with Optimum Mining Host Limited Liability Co to host and operate millions of Bitcoin mining devices transported. Thus, Bitcoin devices will be distributed to three gas reserves in Canada:

“Current production levels are fine and our engineers looked at the property’s historical production records and analyzed recent reserve assessments and because we have the expertise, technology, and resources to materially increase production, and due to the site’s cash flow and Bitcoin miners in Canada at around three cents per KWH. made sure it could house and operate it at the cost of power. ”

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The Chinese government’s pressure on cryptocurrency businesses and mining has led to a mass exodus of miners from the country. Some of the largest mining farms had to cease operations and relocate to other countries, selling their mining equipment on the online second-hand market.

Migration led to millions of these mining machines being sent to various countries. North American countries, especially Canada and Kazakhstan, have become a prominent option.

China Crisis Breaks Centralization

China was the world’s Bitcoin mining hub, accounting for more than 70% of mining activity due to excess power supply in rural areas. However, a recent Cambridge report revealed that dominance has been on a steady decline, falling below 50% by April. This rate fell sharply in May following the miner exit. Many believe that the May raid destroyed many of the mining farms.

While the USA ranked second in terms of contribution to mining, Kazakhstan climbed to third place in a short time. The migration of miners from China has made the Bitcoin network greener as many of these countries regulate their Bitcoin mining division primarily with controlled power distribution from renewable sources.

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